SCHEDULES

SCHEDULE 15Tax treatment of financing costs and income

Part 2Application of this Schedule

Relevant dealing in financial instruments

11

(1)

In this Part “financial instrument” means anything that is a financial instrument for any purpose of the FSA Handbook.

(2)

For the purposes of this Part, a dealing in a financial instrument is a “relevant dealing” if—

(a)

it is a dealing other than in the capacity of a broker, and

(b)

profits or losses on the dealing form part of the trading profits or losses of a business.

(3)

In this paragraph “broker” includes any person offering to sell securities to, or purchase securities from, members of the public generally.